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Pricing Concepts and Strategies, Quizzes of Principles of Marketing

Definitions and explanations of various pricing terms and strategies, including profit-oriented and sales-oriented pricing objectives, breakeven analysis, elastic and inelastic demand, mark up pricing, price skimming, penetration pricing, status quo pricing, bundling, predatory pricing, and the unfair trade practices act. Companies must develop specific pricing objectives to thrive in competitive markets.

Typology: Quizzes

2014/2015

Uploaded on 04/25/2015

shannon-keene17
shannon-keene17 🇺🇸

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TERM 1
price
DEFINITION 1
that which is given up in an exchange to acquire a good or
servicemost flexible of the four P'scan be changed on short
notice/no cost associated with it
TERM 2
what must today's companies develop?
DEFINITION 2
specific, measurable, attainable pricing objectives if they
want to thrive in highly competitive markets
TERM 3
pricing objectives
DEFINITION 3
profit orientedsales orientedstatus quo
TERM 4
profit oriented
DEFINITION 4
companies trying to make a quick buckselling to generate
large revenues
TERM 5
status quo
DEFINITION 5
if a companies pricing objective is to meet the competition or
maintain existing prices
pf3
pf4

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price

that which is given up in an exchange to acquire a good or servicemost flexible of the four P'scan be changed on short notice/no cost associated with it TERM 2

what must today's companies develop?

DEFINITION 2 specific, measurable, attainable pricing objectives if they want to thrive in highly competitive markets TERM 3

pricing objectives

DEFINITION 3 profit orientedsales orientedstatus quo TERM 4

profit oriented

DEFINITION 4 companies trying to make a quick buckselling to generate large revenues TERM 5

status quo

DEFINITION 5 if a companies pricing objective is to meet the competition or maintain existing prices

breakeven analysis

profit = expenseswhat sales volume must be reached TERM 7

bartering

DEFINITION 7 when goods/services are exchangedtrade for tradeno money involved TERM 8

elastic demand

DEFINITION 8 small change in price results in a significant increase in demandE is greater than one TERM 9

inelastic demand

DEFINITION 9 large change in price results in a smaller insignificant increase in demandE is less than one TERM 10

break-even volume in units

DEFINITION 10 = total fixed costs / contribution margin per unit where contribution margin is price-variable cost per unit

status quo pricing

charging a price identical to or very close to the competitors price TERM 17

bundling

DEFINITION 17 combining two or more products in a single packagesell product with accessories for a lower priceex: wii fit with balance board TERM 18

predatory pricing

DEFINITION 18 practice of charging a very low price for a product with the intent of driving competitors out of business or sometimes out of the market TERM 19

unfair trade practice act

DEFINITION 19 in US selling below the cost is illegalknown as dumping